Wallace Witkowski came to MarketWatch from the Associated Press in New York, where he covered the business of Big Pharma, after covering FDA regulation of many of the same companies, as well as medical devices, in the Washington, D.C., area.
Shares of regional bank Zions Bancorp NA ZION, -2.86% sank nearly 5% in the extended session Wednesday after the regional bank’s net interest income fell short of Wall Street expectations. Shares finished Wednesday down 2.9% to close at $35.69. The Salt Lake City-based bank reported third-quarter net income of $168 million, or $1.13 a share, compared with $211 million, or $1.40 a share, in the year-ago quarter. Deposits declined 1% to $75.
4 billion from a year ago, and net interest income declined 12% to $585 million. Net interest margin, or the difference between interest from loans and what is paid to depositors, increased to 2.93%, compared with 2.92% in the prior-year quarter. Analysts polled by FactSet expected earnings of $1.11 a share, net interest income of $595.3 million, with a net interest margin of 2.92%. Shares of Zions have fallen 27.4% year to date, while the SPDR S&P Regional Banking ETF KRE, -2.
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